PitchBook-2023年二季度美国风险投资评估报告（英）-2023.8-25页_5mb

US VC valuations in Q2 2023 reflect a challenging market due to economic uncertainty, high interest rates, and reduced capital availability. Key trends include declining valuations across most stages, an increase in down rounds, and a pullback by nontraditional investors. Valuations are generally lower compared to peaks in 2022, with some sectors like fintech and carbon/emissions tech showing less volatility. Liquidity events remain weak, and deal terms are more favorable to investors, with higher requirements for equity and protective clauses.

Angel and seed valuations cooled, with deal sizes stagnating and median pre-money valuations declining, indicating investor caution and a focus on capital efficiency.
Early-stage valuations hit near-decade lows, with step-up multiples at record lows, reflecting reduced investor willingness to commit capital amid economic pressures.
Late-stage and venture-growth valuations compressed significantly, driven by scarce capital and exit challenges, though some quality companies saw slight valuation increases.
Fintech and carbon/emissions tech valuations fell, but these sectors showed less volatility than the broader market, with deal sizes steady.
Nontraditional investors reduced their participation due to harsh exit environments, leading to tighter capital supply and higher equity demands from startups.
Liquidity events are at a multiyear low, with fewer IPOs and M&A deals, exacerbating challenges for private companies seeking exits.
Deal terms have become more investor-friendly, with increased down rounds and clauses favoring preferred shareholders, reflecting a shift to quality-focused investments and reduced market exuberance.